Coming Up: June 5 New Cash-Specified Payups for Best Efforts Execution
In our April 24 article, we notified clients these new cash-specified payup types were coming this summer for 30-, 20-, 15-, and 10-year fixed rate mortgages, when using our Best Efforts Contract option in Loan Selling Advisor®.
Today, we are announcing that effective June 5, we will update our systems to include the following new cash-specified payups when you generate a cash rate sheet or take out a cash contract in Loan Selling Advisor and/or when you submit a request through our Cash Pricing application programming interface (API). This means you’ll have more flexibility by including mortgages with these specified characteristics in your Best Efforts execution.
|
Specified Payup Type |
30-Year Fixed Rate |
20-Year Fixed Rate |
15-Year Fixed Rate |
10-Year Fixed Rate |
|
Second Home |
✓ |
|
|
|
|
State FL |
✓ |
|
✓ |
|
|
State TX |
✓ |
|
✓ |
|
|
State NY |
✓ |
|
✓ |
|
|
Investment |
✓ |
✓ |
✓ |
|
|
Green |
✓ |
✓ |
✓ |
✓ |
|
Home Possible |
✓ |
✓ |
✓ |
✓ |
|
FICO < 700 |
✓ |
|
|
|
Technical Specifications, Testing and Other Readiness Details
On June 5, we will also update our Loan Selling Advisor and Cash Pricing API Production Baseline UAT Client Test Environment (CTE). You will be able to test these optional capabilities in your integrations, if needed. As a result of this upgrade, we’ll close our CTE for maintenance on Thursday, June 1 and Friday, June 2. We’ll reopen on Monday, June 5. Additional notices for users, with exact down times, will be shared on the CTE welcome page as we get closer to the date.
If you don’t currently have access to CTE, please reach out to your Freddie Mac representative for additional information about how to get set up.
To help you prepare, we’ve also updated the following related documentation in the Developer Portal and on our website:
- Cash Pricing API Technical Specification (on Developer Portal)
- Cash Pricing API JSON Sample Files (on Developer Portal)
- Import Cash Contract Technical Specification with .csv and .xml Sample Files (New v0.0.9)
- Sell for Cash
- Cash Specified Payups Overview
- Cash Specified Payup FAQs
We’ll make updates to our Single-Family Seller/Servicer Guide in a future bulletin.
Loan Selling Advisor’s Online Help will be updated on the effective date.
Have more questions on these upcoming pricing enhancements, or other Loan Selling Advisor execution options? Email: [email protected], call our Customer Support Contact Center (800-FREDDIE) or contact your Freddie Mac representative.